02657 林清軒
FOREST CABIN
FOREST CABIN
| Register Close | 2025/12/23 IPO Closing in 5 Days |
| Listing Date | 2025/12/30 |
|
|
|
|
|
|
|
|
|
|
IPO Detail
COMPANY PROFILE
Shanghai Forest Cabin Cosmetics Group Co. is a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, distinguished by its longstanding commitment to premium skincare solutions rooted in camellia-based ingredients under its flagship brand Forest Cabin. Forest Cabin contributed substantially all of the Group’s revenue.
--
According to the report, in 2024, Forest Cabin ranked 13th among all premium skincare brands in China including both domestic and international brands by retail sales with a market share of 1.4%, and was the only domestic brand among the top 15 premium skincare brands in China.
--
Central to the Group’s product portfolio is its signature Camellia Essence Oil, which had recorded cumulative sales of over 45 million bottles since its launch as of June 30, 2025. The Group’s Camellia Essence Oil had ranked first in China by total retail sales across all sales channels among all facial essence oil products for 11 consecutive years since 2014.
--
As of June 30, 2025, Forest Cabin offered 230 SKUs. The Group had 554 stores nationwide, with over 95% located in shopping malls, and its customers primarily comprise individual consumers, e-commerce platforms, retailers, store partners and distributors located in China.
BASIC INFORMATION
| Market | Hong Kong (Main Board) |
| Business Nature | Household & Personal Products |
| Major Business Area | China |
| Board Lot | 50 |
GLOBAL OFFERING
| No. of Offer Shares | 13.97M H shares |
| No. of International Offer Shares | 12.57M H shares |
| No. of HK Offer Shares | 1.40M H shares |
| Offer Price | $77.77 |
| Stock Code | 2657 |
| Sponsor(s) | CITIC Securities (Hong Kong) Limited, Huatai Financial Holdings (Hong Kong) Limited, CLSA Limited |
| Underwriter(s) | CLSA Limited, Huatai Financial Holdings (Hong Kong) Limited, Futu Securities International (Hong Kong) Limited, Tiger Brokers (HK) Global Limited |
TIME TABLE
| Application Period | Dec 18 (Thu) - noon, Dec 23 (Tue) |
| Price Determination Date | -- |
| Result Announcement Date | On or before Dec 29 (Mon) |
| Result Announcement Date | On or before Dec 29 (Mon) |
| Result Announcement Date | On or before Dec 30 (Tue) |
| Dealings in Shares commence on | Dec 30, 2025. (Tue) |
Reallocation of Shares Offered
Sales Statistics (HKD)
| Offer Price | $77.77 |
| Capitalization (H Shares) | 8.25B |
| NAV / share ($) | $13.55 (Unaudited pro forma adj NAV / share) |
Use Of Proceeds
| Assuming the offer price being at HKD 77.77, the net proceeds raised would be HKD 997.10M, of which |
| 20% : Building brand value and enhancing brand image recognition, and customer-facing brand promotion activities |
| 20% : Enhancing online and offline sales network and establishing overseas sales channels |
| 15% : Strengthening production and supply chain capabilities, enhance production capabilities |
| 15% : Enhancing R&D capabilities and expanding product portfolio |
| 15% : Incubation and acquisition of new brands |
| 5% : Enhancing digitalization and information infrastructure |
| 10% : Ｗorking capital |
Related Document
| Prospectus |  Chinese Version | English Version |
| Remark： | The above information is referenced from the prospectus. |
| All data is calculated from the non- exercise rights(if applicable). |
Name︰
--
--
--
Subscription --
Result Announcement --
Listing --Offer Price︰--
| Currency | : |
| Listing Price | : |
| Board Lot | : |
| Admission Fee* |
: |
| Subscribing Lot | : |
| Subscribing Fee | : |
| Subscribing Amount | : |
*Admission fees include brokerage of 1%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.005% and FRC transaction levy of 0.00015% (i.e. 1.0077% in total).